Headlines

The Supreme Court in India on Friday agreed to hear on Monday an appeal by U.S.-based Glas Trust Co. against Aakash Educational Services' move to conduct a rights issue that would reduce Byju's parent Think & Learn's stake from 25.75% to below 5%, the Economic Times reported. Glas Trust, a U.S.-based lender to Think & Learn and a member of its committee of creditors (CoC), has moved the top court, challenging a National Company Law Appellate Tribunal's order that refused to stay Aakash's EGM on October 29.

Brazilian airline Azul reached a settlement with unsecured creditors, advancing its financial restructuring after having filed for chapter 11 protection in May, the firm said on Saturday, Reuters reported. The settlement represents a significant step in Azul's chapter 11 process, as it provides a clear path forward for the firm, it said in a statement. Azul was the latest Latin American carrier to file for bankruptcy, joining a list of airlines in the region that have been severely impacted by the COVID-19 pandemic.

Glencore is planning to shut its Horne smelter, Canada's largest copper metal-producing operation, due to environmental issues and the large expenses needed to upgrade the facility, Reuters reported, although the company said it is not currently considering the closure of the smelter. While both plants will be closed, no date has been established yet, according to the report, which also said the operation potentially requires more than $200 million to modernize.

Alex Salmond, the former first minister of Scotland and a towering figure in the country’s political landscape, saw the final chapter of his life marked not only by courtroom battles but also by a profound financial reckoning. Now, just a year after his death, his estate is seeking sequestration — the Scottish legal term for bankruptcy — brought on by the immense costs incurred during his tumultuous legal journey, the Grand Pinnacle Tribune reported.

Spanish black olive exporters have called on the EU to hit back at steep tariffs imposed under U.S. President Donald Trump, using powers authorised last week by the World Trade Organization, Reuters reported. On Wednesday, a WTO arbitrator issued a decision that allowed the EU to take countermeasures worth up to $13.64 million a year in the long-running dispute over ripe olives. It also opened the way for the EU to get WTO clearance to retaliate further if Washington imposes countervailing duties in the future.

A virtual hearing between Victory Shipping Pte Ltd. and Integr8 Fuels Pte Ltd., organised by the High Court of the Republic of Singapore, is scheduled to take place on Tuesday (14 November), the Manifold Times reported. The event is to set aside a statutory demand served on 3 October 2025 by Integr8 Fuels lawyers under Section 125(2)(c) and Section 10 of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) against Victory Shipping, according to court documents obtained by the bunkering publication.

The number of corporate bankruptcies in Switzerland has reached a record level, Blue News reported. According to a recent analysis by Dun & Bradstreet, 6,274 insolvency proceedings have been opened since the beginning of the year, an increase of 40 percent compared to the previous year. Parallel to the bankruptcies, the number of newly founded companies rose by 4 percent. In addition to the challenging macroeconomic environment, the increase in insolvencies is related to a change in the Debt Enforcement and Bankruptcy Act (SchKG), which came into force on Jan. 1, 2025.

The Rose Bay investment property of bankrupt hospitality entrepreneur Jon Adgemis has been sold for $12 million, after nearly two months on the market, according to a now-removed listing on the Cotality website, the Greek Herald reported. The six-bedroom, five-bathroom home, purchased by Adgemis and his mother Rose in 2018 for $4.45 million, had been occupied by family members. Adgemis’ bankruptcy trustee, Andrew Yeo of Pitcher Partners, has advised that an update to creditors is expected in early November.

A new study by the Indian Institute of Management (IIM)-Indore has found that corporate bankruptcies can have far-reaching consequences beyond the failed firms themselves — potentially destabilising even financially healthy companies within the same industry, the Free Press Journal reported. Published in the reputed journal Finance Research Letters, the study, titled “Bankruptcy Spillovers and Stock Price Crash Risk of Non-Bankrupt Firms,” is co-authored by Prof. Radha Mukesh Ladkani of IIM-Indore.

Amid challenging conditions in the local food industry, Utrecht-based startup Lokalist has been declared bankrupt, ceasing its operations after a five-year journey, Cointurk Finance reported. Known for its innovative approach in directly linking farmers and producers to consumers, Lokalist had initially gained traction for promoting a shorter food supply chain. Despite its efforts to create a fairer system for farmers and a closer connection to customers, the company faced insurmountable hurdles, culminating in Tuesday’s bankruptcy declaration by the Midden Nederland District Court.